Banks are increasingly looking for ways to increase fees from consumer services - and one way they've done that is to stop offering checking accounts for free.
Now banks, large and small, are charging about $5 per month to service consumerchecking accounts, but also charging to replace lost debit cards; close checking accounts; and for incoming wire transfers.
But that doesn't mean free checking accounts are going away. Kasasa, of Austin, Texas, specializes in finding free checking accounts and has a fewthoughtson how consumers can find the "perfect" one, which boils down to five key items:
- No matter what, keep thinking "free."Kasasa says that, contrary to conventional wisdom, free checking accounts "do exist." To find one, think small, specifically community banks and credit unions.
- Look for refunds on ATM transactions.The prefectchecking accountalso includes refundable ATM transactions. It's not not always easy to find, but some banks offer it. Make sure to ask the bank you're considering if they'll give you money back on ATM transactions, which now average $2.50.
